As the economy strengthens, both gas prices and the unemployment rate are going down. The transportation sector gained 13,000 in October, according to the U.S. Department of Labor’s Bureau of Labor Statistics.
Nearly 4,000 jobs were created specifically for the truck transportation subsector, for a total of more than 1.4 million jobs. October’s job addition is a major increase from September, which only saw a gain of 5,000. August received as many as 11,000 new jobs. In October 2013, only 4,800 transportation jobs were added.
Average hourly earnings for the transportation and warehousing sector were $22.91 for October, up a penny from September. Hourly earnings for production and nonsupervisory employees remained unchanged at $20.57. Average hourly earnings for private, nonfarm payrolls increased by 3 cents to $24.57. When compared to a year ago, average earnings have gone up 2 percent.
According to the report, the unemployment rate for transportation and material moving occupations is down to 6.4 percent from 9.5 percent last October. The overall unemployment rate for the country dropped to 5.8 percent in October, the lowest since July 2008. The number of long-term unemployed remained relatively stagnant for October, but has decreased by 1.1 million in the past 12 months.
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